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Unprepared for Boom or Bust: Understanding the Current State Fiscal Crisis
The article identifies the common problem of states cutting taxes and increasing expenditures during boom times only to be faced with revenue shortfalls during recessions. Also highlighted are the problems that are inherent in state policy when dealing with the cyclical behavior of the economy.
Link
http://www.chicagofed.org/publications/economicperspectives/2002/3qepart1.pdf